Back to the drawing board for Pan African's Royal Sheba plans

Pan African Resources said on Friday it had scaled back its expectations of its vaunted Royal Sheba prospect as it stuck to its 2019 full-year production target and raised its output level for the following year as a new R70m project delivered additional gold.​

“Disappointingly, the Royal Sheba feasibility study has concluded that the deposit is not economic [for developing] as a standalone near-surface operation,” said Yuen Low, an analyst at Shore Capital Economics, noting it was “back to the drawing board” for Pan African to find another way to mine the deposit.

In the first nine months of its 2019 financial year, Pan African reported a 50% increase in gold output to 123,771oz as its Barberton underground and tailings projects stepped up production and the giant R1.7bn Elikhulu tailings retreatment project at Evander kicked into gear.

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